Nigeria’s first licenced Islamic bank, Jaiz Bank Plc, has commenced full operation of non-interest commercial banking in Nigeria from three branches in Abuja, Kaduna and Kano.
A staff of the bank in Abuja Office said most of the early customers were groups of business institutions and private individuals from different religious persuasions making enquiries as well as opening different accounts.
The officer in Operations Department said the service of the bank was opened to everyone that is interested in the non-interest products.
The introduction of Islamic banking is part of a drive by the Central Bank of Nigeria, CBN, to propel Nigeria’s economy and promote financial inclusion by introducing alternative products. The non-interest regime offers veritable incentives and attractive options for investors.
At its inaugural Annual General Meeting (AGM), Chairman of Jaiz Bank, Alhaji Umar Mutallab said: “The whole idea of the banking option is to bring more people into banking in Nigeria that provides banking without interest.”
Mutallab, who was Chairman of FirstBank, further added: “This kind of banking is for all religions because no religion wouldn’t want to help, especially funding critical project without using interest elements.
“Whether it is Christianity or Judaism, every community wants to borrow money without being bugged down with multi-layer interest structure.
“This banking option is a product with a difference. We hope our brothers from the divide will see it as an ethical bank which is not meant to promote a particular religion. It is for all Nigerians and not Muslims alone. Once you have a viable project proposal which is ethical, which doesn’t cater for such things as liquor, gambling etc, it becomes a halal (lawful) project and would be looked into by the bank.”
Islamic banking, also known as participant banking, is banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. The system prohibits the fixed or floating payment or acceptance of specific interest or fees like usury for loans of money.
That is a great achievement, this will alleviate unecessary exploitation of customers who take loan from other interest bank! I am sure this will also explain what islamic banking is all about in practice & help the ignorant ones & those against it to appreciate and embrace it..
ReplyDeleteAlhamdulillah,but let me quickly add that there is need for extra care because Nigerians are smart, for an Islamic banking to be successful, there must be honesty and transparency from both side.wishing you all the best and waiting to see many conventional banking changing their mode of operations to IB
ReplyDeletePray that this would be another avenue for jihadists to hide their money.
ReplyDeleteSecondly, with the fragile state of the nation it has been put in place as another form of segregation to encourage 'muslims only' just like what sharia has done to the north of Nigeria. Boko haram is just the second phase to promote alienation between north and south. Mark my words this will lead to new moves for a separation of North and south.
Its lik this man called sanusi is deaf and dumb or cant we say No .....we said we dont want islamic banking and with all this rubbish going on someone still went ahead bringing in this banks. even without islamic banking boko haram still source for funds outside the country ....so with this now...i believe such bank wont disallow cash transfer from eastern part of the world to boko haram....i wont blame sanusi but jonathan who will sit down looking sluggish and keeping quiet on this kind of issue.....just see their first 3 branches its in the north, why not start in the west or east if they are with good motives. May God himself rule this country because Jonathan is a failure
ReplyDeleteIslamic banking is still skewed towards islamic interests however you see it. who determines what business is lawful (halal)? is it not islam? a mild example is say i own a pig business, can i get financed? or is pig business not a business? if islam gets to determine what kind of business is ethical before it can deal, is that not skewness and bias in islamic banking? interest free banking can accomodate all businesses as long as there's viability but certainly not islamic banking. dont be fooled, they arent the same!!
ReplyDeleteIt's just an introduction of Islam to Nigeria. The son of the chairman is the Muttalab that tried to Bomb US airline and d father is the pioneering chairman of Islamic bank, It only shows that they want to introduce Sharia in a diplomatic way to Nigerian system. The son did it in a childish way, the dad is doin it in a diplomatic way...simple
ReplyDeleteThis is absolutely good. Friends don't be deceived time will tell, I bet u ll be convinced that this is not only gud but healthy for you. God bless Nigeria
ReplyDeleteWhy are you people coneming this ?
ReplyDeleteIs a good effort towards alleviating common mans sufferings. The present multiple interest charging system by our banks is rediculous. However, people who feel Islamic banking is not good, are free to operate with existing traditional banks. Banking is not by force, everyone is free to operate an account of his or her choice.
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